modified will not likely change the outlook. LM feels its strong positioning in global distribution and product sets bodes well to perform in a new fiduciary world. ¢ Additionally, a lower potential U.S. corporate tax rate will not change its cash tax rate which is likely to be 6-7% through 2021 and in the mid-teens through 2025 after that. However, it would impact GAAP EPS and a lower corporate tax rate would lower the value of LM’s DTA. AB (AB), B-1-8, Buy « Presenting from AB was Peter Kraus, Chairman & CEO. Peter expects AB to generate above average organic growth and hopes to accelerate it given its product mix and mostly favorable investment performance. In addition, he sees the potential for new pricing in the industry, and does not expect a significant change in the DOL impact from the election or a lower corporate tax rate on their tax rate. e | When asked what would get you more interested in AB’s stock, 55% of investors said they wanted to see consistent positive organic growth, 18% said a better operating margin, another 18% said diversification from fixed income flows (i.e. equity and alternative flows), and only 9% of investors wanted to see a simplified Structure and increased float. Chart 59: What would get you more interested in investing in AB stock? 70% 60% oo 50% 40% 30% 20% 18% 18% 9% 10% 0% Consistent positive organic | Operating leverage and an Further diversification from A more simplified structure and growth improving margin fixed income flows increased float Source: BofA Merrill Lynch Global Research « AB has seen and expects to continue to see above average organic growth (ex 3Q which was weighed down by lumpy institutional outflows) given a relatively new and attractive product set, strong investment performance (notable improvement in recent years), better traction with the consultant community, and opportunities to gain in the retail and private wealth channels. « Regarding potential changes post the election, AB had a s